Analysts Lift Targets on SpaceX After Strong Quarter

Wall Street firms have significantly increased their projected stock price targets for SpaceX after the company reported a strong third quarter for 2026 on October 20. The announcement caused the stock, which closed at $147.79 that day, to rise roughly 8 percent in early trading on October 21.

SpaceX posted $14.6 billion in revenue for the quarter, which was a 161 percent jump from the previous year and surpassed analyst expectations. The company also reported a net profit of $4.4 billion, a major shift from a loss in the prior year, with adjusted EBITDA reaching $8.8 billion.

JPMorgan more than doubled its target to $500 from $240 while maintaining an Overweight rating. Cantor Fitzgerald lifted its target to $345 from $246 (Overweight). Barclays raised its target to $300 from $254 (Overweight). Citi increased its target to $240 from $200 (Buy), UBS moved to $230 from $210 (Buy), and TD Cowen raised its target to $224 from $200 (Buy). Morgan Stanley held an Overweight rating with a $300 target. Other firms also adjusted higher, including Wells Fargo (to $274 from $214) and Clear Street (to $248 from $217).

Analysts broadly cited the strong quarterly print, accelerating AI compute expansion, Starlink progress, and Starship milestones as drivers of higher long-term growth and earnings power. SpaceX's Super Intelligence (AI) division generated roughly $7.6 billion and became the largest revenue contributor, growing nearly 830 percent year-over-year, while the Connectivity segment delivered $5.2 billion on strong subscriber additions that lifted the consumer base to 13.6 million for Starlink.

During the call, CEO Elon Musk and CFO Bret Johnsen outlined Q1 2027 revenue guidance of $33 billion to $37 billion, which was far above the roughly $22 billion analysts had modeled, alongside fourth-quarter capital-expenditure plans of $35 billion to $40 billion focused on AI compute infrastructure at sites including Memphis and Southaven. Management targets 2.5 to 3 gigawatts of nameplate compute capacity by year-end and discussed pathways to 13 gigawatts or more by the end of 2027. Musk described relentless demand from hyperscalers and other customers, with compute pricing supporting payback periods of less than a year and potentially as short as six months.

Additional highlights included Starship's recent orbital success and V3 satellite deployment, Starlink pricing and enterprise momentum, rapid Grok Bot adoption, spectrum expansion plans, and the formation of special committees to explore a possible combination with Tesla. The average analyst price target has moved higher, which reflects greater conviction in SpaceX's trajectory across launch, connectivity, and the Super Intelligence business, even as elevated spending remains a point of focus.

Analysts have raised their projected stock price targets for SpaceX after a strong third quarter earnings report drove shares higher.